value indicator - uk main market 20130304

7/29/2019 value indicator - uk main market 20130304

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04 March 2013

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Intellisys Intelligent Analysis Limited 04 March 2013

www.intellisys.uk.com +44 20 3239 8994 Page 2 of 17

Contents

Introduction .................................................................................................................................3Value ...........................................................................................................................................4Conclusion ..................................................................................................................................4RISK WARNING Ratings and Targets ....................................................................................4How to use the report .................................................................................................................5Aerospace & Defence Over Valued .....................................................................6Automobiles & Parts Over Valued ......................................................................6Banks Over Valued .........................................................................................6Beverages Under Valued ..................................................................................6Chemicals Under Valued ..................................................................................6Construction & Building Materials Under Valued ....................................................7Electronics & Electrical Equipment Over Valued ..................................................7Engineering & Machinery Over Valued ................................................................8Food & Drug Stores Over Valued .......................................................................8Food Producers & Processors Under Valued ........................................................8General Retail Under Valued ..............................................................................9Heath Over Valued .........................................................................................9Household Goods & Textiles Over Valued ..........................................................9Information Technology & Hardware Over Valued ...............................................9Insurance Under Valued ................................................................................... 10Leisure & Hotels Over Valued ..................................................................... 10Life Assurance Over Valued .................................................................... 10Media & Entertainment Over Valued ................................................................ 11Mining Under Valued ...................................................................................... 11Oil & Gas Under Valued ................................................................................... 11Personal Care & Household Products Over Valued .......................................... 12Pharmaceuticals & Biotechnology Over Valued ................................................ 12Real Estate Under Valued ............................................................................... 12Software & Computer Services Under Valued ..................................................... 13Speciality & Other Finance Over Valued .......................................................... 13Support Services Over Valued ..................................................................... 14Telecommunication Services Over Valued ....................................................... 15Transport Under Valued ................................................................................... 15Utilities Under Valued ....................................................................................... 15DISCLAIMER ........................................................................................................................... 16RISK WARNING ...................................................................................................................... 17


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Introduction

The overriding purpose of this daily report is to provide users with a quick guide that will identify thoseshares that merit their investment attention in an increasingly time critical and information noisy tradingenvironment.

The report is published daily and delivered to the subscribers personal email box, typically, before theofficial open of the London Stock Markets.

Putting aside luck, Intellisys recognises that the timing and value of an investment are the two primarydrivers behind a successful portfolio performance.

Timing

Intellisys has invested considerably in identifying what it believes are the key factors that influenceinvestment timing. Having identified the key parameters, these have been established as rules that reflectmarket dynamics and cut through the daily investment noise.

Through this discipline, Intellisys has removed the emotional and sentimental factors as well as the dailypressures exerted upon primary stock promoters (analysts and traders) to find stories for their investmentmeetings.

From an analysis of a years data for 40 stocks within Intellisys stock coverage, the trading indicatorsappear to be, on average, about 77% accurate in identifying good trading points as well as some 74%accurate for overall trend correlation.

The following chart provides an indication the accuracy scores for each of the 40 stocks analysed.

Individual Stock Rating & Trend Accuracy Scores

Source: Intellisys

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40

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Best Buy/Sell Trend


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Value

A similar discipline has been applied to the process of establishing Target Indications. On a daily basis,Intellisys analyses as broad an array of historic data from not only the Consolidated Income Statement butalso the Balance Sheet and Cash Flow Statement and then utilises this data within its proprietary valuation

models.

Intellisys architect, Philip Morrish, has successfully applied these disciplines to his investment research forthe last 15+ years. Additionally, these investment valuation techniques lend themselves to accurate cross-border analysis.

The resultant Target is also discounted to a Net Present Value to make the Target as realistically valid aspossible.

Nevertheless, Intellisys recognises that Target Indication delivery is not only a function of market levels buta management teams ability to establish and maintain a value generating operating environment setagainst a constantly changing global background.

The typical investment analysts approach to determining target prices is to start with a modest range ofsome 6 8 valuation measures and remove those that are not providing the intuitive result. Intellysisapproach is the opposite we use as many valuation methodologies as possible.

Further, Intellisys recognises that some target Indications may appear strange or extreme. However,subscribers should not dismiss these outcomes but use them as starting points to challenge theirestablished or perceived valuation opinion of a stock.

In short, this disciplined approach provides an investment reality check to assist investors from falling inlove with a stock or becoming mesmerised by management cults.

Conclusion

No investment methodology is 100% successful and like all trading and investment systems active positionmonitoring is critical for maximised investment performance.

Therefore, Intellisys recommends that its products should be used in conjunction with, and not separatefrom subscribers existing investment systems as well as discussing investment options with their financialadvisers.

Philip Morrish ([email protected])

RISK WARNING Ratings and Targets

Intellisys does not make personal recommendations. The information in this publication is provided solely toenable you to make your own investment decisions. If you are unsure about dealing in shares and otherequity investments, you should contact your financial adviser as these types of investments may not besuitable for everyone. The value of stocks and shares, and the income from them, can fall as well as riseand you may not get back the full amount you originally invested. If denominated in a foreign currency,fluctuations in the exchange rate will also affect the value of stocks and shares and the income from them.Past performance is not necessarily a guide to future performance.


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How to use the report

This daily report is typically available for download as a PDF from 7am - well in advance of the marketsopen - and is based upon previous days closing prices.

We have kept the report deliberately simple for quick reading and identification of the shares most likely tobe active as can be seen from the following:

General RetailStock Price 12M Lo 12M Hi ST Rec LT Rec Target Beta

ASHLEY(LAURA) HOLDINGS 29.00 18.50 29.50 Neutral Neutral 30 0.72

BROWN (N) GROUP 266.70 222.40 282.70 Neutral Buy 298 0.52

BURBERRY GROUP 1136.00 1000.00 1586.00 Neutral Sell 739 1.30

CARPETRIGHT 675.00 375.00 728.50 Neutral Sell 268 0.97

DIXONS RETAIL 21.16 9.36 21.69 Neutral Strong Buy 38 1.56

FINDEL 6.36 2.20 6.55 Neutral Sell 4 0.94

FRENCH CONNECTN.GROUP 23.50 19.50 82.00 Neutral Strong Buy 112 1.05

HALFORDS GROUP 324.70 189.00 342.30 Neutral Buy 415 0.67

JJB SPORTS SUSP - 24/09/12 0.40 0.24 17.00 Neutral Sell -62 0.88

JD SPORTS FASHION 731.00 570.00 863.00 Neutral Strong Buy 1341 0.47

DARTY 57.25 38.00 110.60 Neutral Strong Buy 321 1.28

KINGFISHER 269.80 237.20 313.80 Neutral Buy 365 0.97

MARKS & SPENCER GROUP 377.90 302.70 389.50 Neutral Buy 448 0.74

MOSS BROTHERS GROUP 55.00 31.25 55.00 Sell Buy 61 1.04

MOTHERCARE 212.00 127.30 227.00 Neutral Sell 97 0.44

NEXT 3576.00 2540.00 3644.00 Neutral Sell 2798 0.72

TED BAKER 951.50 633.00 1017.00 Neutral Sell 542 0.56

TOPPS TILES 49.25 21.50 51.75 Neutral Sell 29 1.31

Betais a measure of a stock's volatility or risk relative to its market. The market has a betaof 1.0 and individual shares are attributed a beta according to how much they deviate from

the market. This can be summarised as:

eta 1.0 Share should move by more than market (i.e., higher risk/higher reward)

Sector

Closing price

Todays action

Longer term action basedupon implied target price

Implied target

price based upon49 valuation

Company Latest 12 month Hi/Lo forthe share price

eta measures a sharesvolatility/risk relative tomarket (see below)


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Aerospace & Defence Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target BetaBAE SYSTEMS 355.10 270.90 363.60 Neutral Strong Buy 560 0.65

CHEMRING GROUP 277.00 217.00 442.00 Neutral Strong Buy 584 0.65

COBHAM 231.40 186.30 239.50 Neutral Buy 272 0.83

MEGGITT 454.60 364.30 458.70 Neutral Sell 381 1.32

ROLLS-ROYCE HOLDINGS 1028.00 781.16 1062.00 Neutral Sell 655 1.08

SMITHS GROUP 1261.00 979.50 1265.00 Neutral Sell 976 0.70

ULTRA ELECTRONICS HDG. 16 92.00 1424.00 1780.00 Neutral Sell 1463 0.50

Automobiles & Parts Over Valued

Stock Price 12M Lo 12M Hi ST Rec LT Rec Target Beta

GKN 273.00 173.60 273.00 Neutral Sell 257 1.99

INCHCAPE 505.50 305.20 517.50 Neutral Sell 479 1.46

LOOKERS 82.50 56.50 85.25 Neutral Buy 100 1.23

PENDRAGON 22.75 13.25 23.00 Neutral Buy 32 1.11

Banks Over Valued


BARCLAYS 307.00 150.55 327.35 Neutral Sell 234 1.92

HSBC HDG. (ORD $0.50) 731.40 503.20 732.90 Neutral Strong Buy 1117 1.16

LLOYDS BANKING GROUP 54.47 25.29 55.68 Sell Buy 62 1.86

ROYAL BANK OF SCTL.GP. 323.90 196.60 367.80 Neutral Sell -113 1.34

STANDARD CHARTERED 1796.00 1228.50 1796.00 Neutral Sell 1498 1.70

Beverages Under Valued


BARR (AG) 513.00 348.00 557.00 Neutral Neutral 560 0.54

DIAGEO 1980.00 1477.00 1980.00 Neutral Sell 1720 0.55

SABMILLER 3277.00 2348.50 3277.50 Sell Buy 3798 0.96

Chemicals Under Valued


AZ ELECTRONIC MATS.(DI) 386.60 267.60 390.00 Neutral Strong Buy 702 #NA

CARCLO 462.00 330.00 503.00 Neutral Sell 425 0.73

CRODA INTERNATIONAL 2592.00 2050.00 2592.00 Neutral Sell 2068 1.01

ELEMENTIS 246.10 168.00 246.10 Neutral Buy 361 0.97

JOHNSON MATTHE Y 2300.00 2080.27 2573.00 Neutral Strong Buy 12483 1.44

VICTREX 1622.00 1185.00 1649.00 Neutral Sell 1476 1.12

SYNTHOMER 206.80 127.40 251.00 Neutral Buy 236 1.14

ZOTEFOAMS 200.00 136.50 225.00 Neutral Strong Buy 402 0.96


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Construction & Building Materials Under Valued


ALUMASC GROUP 99.00 61.50 104.00 Neutral Strong Buy 239 0.49

BALFOUR BEATTY 285.40 237.90 320.80 Neutral Strong Buy 1013 0.79

BARRATT DEVELOPMENTS 240.10 114.00 240.10 Neutral Strong Buy 463 1.49

BELLWAY 1159.00 660.00 1175.00 Neutral Strong Buy 1964 1.10

BERKELEY GROUP HDG.(THE) 1905.00 1177 .00 1905.00 Neutral Strong Buy 3229 0.64

BOOT (HENRY) 161.50 115.50 166.00 Neutral Strong Buy 340 0.83

BOVIS HOMES GROUP 645.50 399.30 672.00 Neutral Sell 574 1.15

CARILLION 309.20 235.50 331.80 Neutral Strong Buy 838 1.08

CLARKE (T) 56.88 39.50 61.50 Neutral Strong Buy 279 0.82

COSTAIN GROUP 284.50 188.00 288.00 Neutral Strong Buy 563 0.58

CRH 1438.00 1052.00 1438.00 Neutral Sell 757 1.14

GALLIFORD TRY 905.00 579.00 914.50 Neutral Strong Buy 1771 1.00

KELLER 743.00 348.25 767.50 Neutral Strong Buy 2091 1.23

KIER GROUP 1287.00 1095.00 1408.00 Neutral Strong Buy 3447 0.93

LOW & BONAR 70.25 49.00 73.00 Neutral Strong Buy 210 1.04MARSHALLS 107.88 76.00 110.00 Neutral Strong Buy 293 1.36

MORGAN SINDALL GROUP 540.00 508.00 695.00 Neutral Strong Buy 3426 0.84

NORCROS 15.50 9.25 16.75 Neutral Strong Buy 36 1.13

PERSIMMON 913.50 532.00 913.50 Neutral Buy 1160 1.15

REDROW 186.50 107.30 195.80 Neutral Strong Buy 300 1.05

SIG 139.40 82.30 142.70 Neutral Strong Buy 479 1.74

SUPERGLASS HOLDINGS 11.38 4.50 22.50 Sell Strong Buy 45 0.86

TAYLOR WIMPEY 81.10 40.28 81.10 Neutral Buy 98 1.58

TRAVIS PERKINS 1274.00 906.50 1308.00 Neutral Strong Buy 2676 1.97

WOLSELEY 3107.00 2121.32 3107.00 Neutral Strong Buy 5342 1.44

Electronics & Electrical EquipmentOver Valued


DIALIGHT 1232.00 872.00 1244.00 Neutral Sell 768 0.74

DOMINO PRINTING SCIENCES 700.00 509.00 710.00 Neutral Buy 849 1.17

E2V TECHNOLOGIES 122.00 105.50 149.50 Neutral Strong Buy 245 1.29

INVENSYS 358.10 186.10 360.80 Neutral Sell 339 1.41

LAIRD 247.90 172.50 249.30 Neutral Sell 92 2.11

OXFORD INSTRUMENTS 1717.00 1096.00 1 752.00 Neutral Sell 1174 1.00

RENISHAW 1957.00 1260.00 2081.00 Neutral Buy 2445 1.25

SPECTRIS 2375.00 1427.00 2459.00 Neutral Sell 2193 1.50

BIOME TECHNOLOGIES 0.10 0.08 0.22 Neutral Buy 0 0.84

TT ELECTRONICS 172.75 114.00 203.50 Neutral Strong Buy 389 1.58

XAAR 335.00 185.00 335.00 Sell Sell 226 1.09


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Engineering & Machinery Over Valued


AGA RANGEMASTER GROUP 80.25 54.25 92.00 Neutral Buy 115 1.26

BODYCOTE 546.00 310.30 546.00 Neutral Sell 515 1.60

CASTINGS 335.00 277.75 358.50 Neutral Strong Buy 699 0.98

VESUVIUS 382.70 263.19 391.50 Neutral Buy 503 2.17

FENNER 424.20 329.30 483.70 Neutral Buy 559 1.40

HALMA 492.60 373.10 497.80 Neutral Sell 393 0.76

HILL & SMITH 478.00 297.00 480.00 Neutral Sell 343 1.35

IMI 1223.00 776.00 1223.00 Neutral Buy 1359 1.40

METALRAX GROUP 3.25 2.93 9.00 Neutral Buy 4 0.83

MORGAN CRUCIBLE 294.10 220.30 354.00 Neutral Strong Buy 542 1.80

ROTORK 2852.00 1859.00 2914.00 Neutral Sell 2093 0.97

SENIOR 242.40 177.00 242.40 Neutral Sell 224 1.64

SEVERFIELD-ROWEN 68.00 68.00 206.00 Neutral Buy 78 0.71

SPIRAX-SARCO 2407.00 1900.00 2440.00 Neutral Sell 2270 0.83

VITEC GROUP 630.00 586.50 740.00 Neutral Neutral 614 1.37WEIR GROUP 2344.00 1397.00 2344.00 Neutral Sell 2037 1.38

Food & Drug Stores Over Valued


GREGGS 500.50 449.00 558.00 Neutral Buy 687 0.47

MORRISON(WM)SPMKTS. 259.60 248.60 305.70 Neutral Sell 204 0.39

SAINSBURY (J) 345.80 283.50 361.10 Neutral Sell 224 0.60

TESCO 369.60 297.05 374.40 Neutral Sell 286 0.69

THORNTONS 59.38 18.88 60.25 Neutral Sell 40 0.81

Food Producers & Processors Under Valued


ASSOCIATED BRIT.FOODS 1852.00 1167.00 1 864.00 Neutral Sell 1441 0.62

CRANSWICK 995.50 732.50 1011.00 Neutral Buy 1411 0.51

DAIRY CREST 425.00 290.40 436.60 Neutral Sell 392 0.92

DEVRO 353.00 278.00 380.00 Neutral Sell 329 0.32

PREMIER FOODS 91.75 54.50 180.00 Neutral Sell -160 1.27

TATE & LYLE 812.50 633.50 834.00 Neutral Buy 1017 0.69

UNILEVER (UK) 2628.00 2005.00 2652.00 Neutral Buy 3452 0.58


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General Retail Under Valued


ASHLEY(LAURA) HOLDINGS 29.00 20.50 29.50 Neutral Buy 33 0.69

BROWN (N) GROUP 397.40 222.40 405.90 Neutral Sell 356 0.53

BURBERRY GROUP 1376.00 1000.00 1586.00 Neutral Sell 967 1.28

CARPETRIGHT 665.00 585.00 728.50 Neutral Sell 275 0.96

DIXONS RETAIL 27.24 12.67 29.80 Neutral Buy 35 1.51

FINDEL 6.75 2.76 9.30 Neutral Sell 3 1.08

FRENCH CONNECTN.GROUP 28.50 19.50 55.75 Neutral Strong Buy 108 0.98

HALFORDS GROUP 315.10 189.00 356.80 Neutral Strong Buy 492 0.68

JD SPORTS FASHION 816 .00 606 .50 841 .00 Neutral Strong Buy 1494 0.51

DARTY 47.00 38.00 77.25 Neutral Strong Buy 80 1.26

KINGFISHER 277.00 254.10 313.80 Neutral Buy 383 0.95

MARKS & SPENCER GROUP 371.30 312.20 398.80 Neutral Buy 507 0.65

MOSS BROTHERS GROUP 67.00 42.00 71.00 Neutral Sell 59 1.03

MOTHERCARE 272.25 152.00 362.00 Neutral Buy 310 0.46

NEXT 4199.00 2708.00 4246.00 Neutral Sell 3668 0.69TED BAKER 1230.00 775.00 1243.00 Neutral Sell 646 0.56

TOPPS TILES 62.25 32.13 68.00 Neutral Sell 49 1.48

Heath Over Valued


BIOQUELL 134.00 119.00 160.00 Neutral Sell 103 0.44

CONSORT MEDICAL 730.50 580.00 831.50 Neutral Sell 572 0.39

OPTOS 202.75 160.00 279.25 Neutral Sell 175 1.19

SMITH & NEPHEW 707.00 580.00 734.00 Neutral Sell 648 0.41

Household Goods & Textiles Over Valued


GAMES WORKSHOP 652.50 527.50 720.50 Neutral Neutral 638 0.43

HEADLAM GROUP 348.00 263.00 355.00 Neutral Sell 304 0.93

HORNBY 80.50 55.25 107.50 Neutral Buy 107 0.75

Information Technology & Hardware Over Valued


ARM HOLDINGS 955.00 469.00 955.00 Neutral Sell 586 0.78

CSR 459.10 194.60 459.10 Neutral Strong Buy 1316 1.20FILTRONIC 65.00 23.50 68.00 Neutral Sell 50 0.88

IMAGINATION TECHN OLOGIES 510.00 383.50 717.00 N eutral Neutral 537 1.08

SPIRENT COMMUNICATIONS 153.50 1 39.20 174.00 Neutral Strong Buy 691 0.94

WOLFSON MICROELECTR ON ICS 195.25 165.75 230.00 Neutral Sell -519 0.93


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Insurance Under Valued


ADMIRAL GROUP 1251.00 1019.00 1291.00 Neutral Sell -789 0.54

AMLIN 426.70 312.90 426.70 Neutral Sell -3037 0.45

BEAZLEY 202.80 132.50 215.40 Neutral Strong Buy 2541 0.59

CATLIN GROUP 505.00 399.00 540.00 Neutral Strong Buy 778 0.30

HISCOX 522.00 371.30 522.00 Neutral Strong Buy 2036 0.48

JARDINE LLOYD THOMPSON 798 .00 659 .00 816 .00 Neutral Strong Buy 2850 0.30

RSA INSURANCE GROUP 120.70 97.65 136.30 Neutral Strong Buy 1659 0.42

NOVAE GROUP 467.25 340.00 467.25 Neutral Strong Buy 1879 0.46

Leisure & Hotels Over Valued


CARNIVAL 2478.00 1844.00 2628.00 Neutral Strong Buy 3826 1.02

ENTERPRISE INNS 105.90 50.25 105.90 Neutral Sell 78 1.59

TUI TRAVEL 317.30 158.00 330.00 Neutral Strong Buy 777 0.98

FULLER SMITH 'A' 790.00 680.00 807.00 Neutral Sell 647 0.38

GREENE KING 697.00 474.30 710.00 Neutral Sell 610 0.92

LADBROKES 229.60 149.20 231.00 Neutral Sell 180 0.93

ICTL.HTLS.GP. 1914.00 1384.61 1989.00 Neutral Sell 1597 1.17

MILLENNIUM & CPTH.HTLS. 541.00 455.40 568.50 Neutral Buy 608 1.36

MITCHELLS & BUTLERS 341.90 217.40 349.70 Neutral Sell 296 1.08

BWIN PARTY DIGITAL ENTM. 148.10 91.90 164.50 Neutral Sell 86 1.24

PUNCH TAVERNS 11.13 5 .61 13.12 Neutral Strong Buy 47 1.25

RANK GROUP 164.00 111.00 167.40 Neutral Strong Buy 492 0.99

RESTAURANT GROUP 418.90 269.20 418.90 Neutral Sell 314 0.76

WETHERSPOON (JD) 523.50 371.30 548.50 Neutral Buy 727 0.70

WHITBREAD 2523.00 1637.00 2692.00 Neutral Sell 1909 0.99WILLIAM HILL 404.70 222.40 407.60 Neutral Sell 274 0.87

MARSTON'S 140.40 94.25 143.00 Neutral Sell 25 1.20

Life Assurance Over Valued


AVIVA 356.80 255.30 388.40 Neutral Strong Buy 1149 1.25

CHESNARA 232.00 155.25 233.50 Neutral Buy 346 0.70

LEGAL & GENERAL 160.10 106.00 160.10 Neutral Strong Buy 285 1.70

OLD MUTUAL 202.50 138.70 202.50 Neutral Sell 170 1.57

PRUDENTIAL 981.50 660.00 981.50 Neutral Sell 910 1.70

ST.JAMES'S PLACE 487.00 303.40 487.00 Neutral Sell 421 0.85


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Media & Entertainment Over Valued


AEGIS GROUP 238.50 153.20 238.70 Neutral Sell -598 1.28

BLOOMSBURY PBL. 104.00 102.00 146.50 Buy Strong Buy 1647 0.35

BRITISH SKY BCAST.GROUP 850.50 635.50 850.50 Neutral Strong Buy 144 0.54

CENTAUR MEDIA 50.75 28.50 60.00 Neutral Strong Buy 3162 0.98

DAILY MAIL 'A' 710.00 363.50 710.00 Sell Strong Buy 6686 1.12

EUROMONEY INSTL.INVESTOR 921.00 672.50 951.50 Neutral Sell -70 1.00

INFORMA 501.50 340.00 501.50 Neutral Strong Buy 244 1.54

ITE GROUP 266.00 180.00 273.40 Neutral Strong Buy 1274 1.42

ITV 124.20 69.45 124.20 Neutral Strong Buy 1626 1.54

JOHNSTON PRESS 12.75 4.88 15.00 Neutral Buy 307 1.25

PEARSON 1155.00 1111.00 1294.00 Neutral Strong Buy 2460 0.64

PHOTO-ME INTL. 76.00 36.25 77.75 Neutral Buy 476 0.76

PINEWOOD SHEPPERTON 274.00 238.00 377.50 Neutral Sell -595 0.15

THOMSON REUTERS 31.51 26.85 31.51 Neutral Sell 262 0.51

STV GROUP 137.00 81.50 142.12 Neutral Strong Buy 722 0.78ST.IVES 120.00 67.50 125.00 Neutral Sell -278 1.49

TRINITY MIRROR 117.75 25.50 118.25 Neutral Strong Buy 1643 1.58

UBM 774.00 511.00 788.00 Neutral Strong Buy 1253 1.31

WILMINGTON GROUP 159.50 82.00 164.00 Neutral Sell 172 0.84

WPP 1054.00 743.00 1067.00 Neutral Strong Buy 821 1.34

HIBU 0.37 0.26 4.58 Neutral Sell -1 1.08

Mining Under Valued


ANGLO AMERICAN 1922.00 1664.00 2671.00 Neutral Strong Buy 3171 1.72

ANGLO PACIFIC GROUP 284.25 221.25 340.00 Neutral Neutral 304 0.99ANTOFAGASTA 1093.00 991.00 1381.00 Neutral Sell 1025 1.39

BHP BILLITON 2089.00 1681.00 2236.00 Neutral Strong Buy 3768 1.44

LONMIN 357.00 240.84 599.98 Neutral Sell 59 2.01

RANDGOLD RESOURCES 5485.00 4596.00 7775.00 Neutral Sell 3174 0.33

RIO TINTO 3541.00 2715.50 3757.00 Neutral Neutral 3804 1.51

COALFIELD RESOURCES 5.21 3.75 31.50 Neutral Strong Buy 179 0.89

VEDANTA RESOURCES 832.50 1464.00 Neutral Strong Buy 2749 2.18

XSTRATA 1162.50 785.80 1212.00 Neutral Neutral 1125 1.86

Oil & Gas Under Valued


BG GROUP 1165.50 1000.50 1547.00 Neutral Neutral 1223 0.80

BP 445.70 391.95 504.60 Neutral Strong Buy 1538 1.05

CAIRN ENERGY 271.70 248.20 349.00 Neutral Sell -27 1.32

FORTUNE OIL 10.25 7.86 12.50 Neutral Buy 15 0.90

HUNTING 869.00 688.00 968.00 Neutral Sell 520 1.29

JKX OIL & GAS 67.25 55.00 187 .75 Neutral Strong Buy 296 1.34

PREMIER OIL 382.50 321.30 440.60 Neutral Sell 292 1.44

ROYAL DUTCH SHELL B 2223.50 2039.00 2366.50 Neutral Strong Buy 10906 0.86

SOCO INTERNATIONAL 369.30 254.90 400.00 Neutral Sell 252 0.52

TULLOW OIL 1214.00 1138.00 1570.00 Neutral Sell 795 1.05

WOOD GROUP (JOHN) 768.00 651.50 875.50 Neutral Neutral 834 1.35


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Personal Care & Household Products Over Valued


MCBRIDE 146.75 102.70 146.75 Neutral Strong Buy 277 0.84

PZ CUSSONS 405.00 296.10 415.60 Neutral Sell 343 0.70

RECKITT BENCKISER GROUP 4429.00 3 300.00 4599.00 Neutral Neutral 4471 0.36

Pharmaceuticals & Biotechnology Over Valued


ARK THERAPEUTICS GP. 0.87 0.60 3.98 Buy Strong Buy 7 1.01

ASTRAZENECA 2995.50 2591.00 3168.00 Neutral Buy 4391 0.49

BTG 329.00 300.30 423.00 Neutral Sell 187 0.62

DECHRA PHARMACEUTICALS 700.50 418.33 700.50 Neutral Buy 924 0.25

GLAXOSMITHKLINE 1456.00 1317.50 1507.50 Neutral Sell 720 0.50

OXFORD BIOMEDICA 2.25 2.05 5.80 Buy Strong Buy 4 0.62

PHYTOPHARM 1.70 1.70 12.75 Buy Buy 2 0.88

SHIRE 2065.00 1727.00 2247.00 Neutral Sell 997 0.64

SKYEPHARMA 66.00 33.50 101.50 Neutral Sell -120 0.71

VERNALIS 23.75 21.63 27.38 Neutral Strong Buy 59 0.83

Real Estate Under Valued


BIG YELLOW GROUP 373.40 274.50 387.50 Neutral Sell -598 1.14

BRITISH LAND 567.50 466.10 585.50 Neutral Strong Buy 1647 1.04

CAPITAL & REGIONAL 30.00 22.75 34.25 Sell Strong Buy 144 0.81

CLS HOLDINGS 805.00 595.00 806.00 Neutral Strong Buy 3162 0.71

DERWENT LONDON 2203.00 1684.00 2205.00 Neutral Strong Buy 6686 1.20DEVELOPMENT SECS. 163.50 121.75 176.00 Neutral Sell -70 0.98

GRAINGER 136.40 83.10 139.40 Neutral Strong Buy 244 1.53

GREAT PORTLAND ESTATES 492.30 345.60 502.00 Sell Strong Buy 1274 1.06

HAMMERSON 494.40 388.20 507.00 Neutral Strong Buy 1626 1.16

HELICAL BAR 229.50 164.00 247.00 Neutral Buy 307 0.76

LAND SECURITIES GROUP 829.50 677.00 845.50 Neutral Strong Buy 2460 1.15

INTU PROPERTIES 332.70 305.00 366.00 Buy Buy 476 1.10

MCKAY SECURITIES 144.25 125.00 144.50 Neutral Sell -595 0.71

MUCKLOW (A & J) GROUP 386.75 310.00 390.00 Neutral Sell 262 0.41

PRIMARY HEALTH PROPS. 350.25 311.00 364.50 Neutral Strong Buy 722 0.37

QUINTAIN ESTATES & DEV. 69.25 32.50 69.50 Sell Sell -278 1.17

SAVILLS 531.00 300.80 568.50 Neutral Strong Buy 1643 0.73

SHAFTESBURY 583.50 482.20 583.50 Neutral Strong Buy 1253 1.02

SEGRO 255.90 209.40 259.20 Neutral Sell 172 1.69

ST MODWEN PROPS. 251.80 145.50 280.20 Neutral Strong Buy 821 1.55

TOWN CENTRE SECURITIES 200.25 147.00 215.00 Neutral Sell -1 1.04

UNITE GROUP 290.10 180.25 305.30 Neutral Sell 27 1.75

WARNER ESTATE 1.88 1.00 3.40 Sell Sell -970 1.00

WORKSPACE GROUP 342.40 213.25 347.10 Neutral Sell 0 1.02


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Software & Computer Services Under Valued


ANITE 158.80 108.50 162.00 Neutral Sell 127 0.75

AVEVA GROUP 2306.00 1469.00 2315.00 Neutral Sell 1359 1.40

COMPUTACENTER 485.30 292.40 514.50 Neutral Strong Buy 1403 0.99

KOFAX 285.00 240.00 325.75 Neutral Buy 334 1.09

INNOVATION GROUP 25.00 18.25 25.50 Neutral Sell 23 0.83

MICRO FOCUS INTL. 687.50 426.17 687.50 Neutral Buy 1010 0.80

PHOENIX IT GROUP 157.00 135.00 231.75 Neutral Strong Buy 325 0.74

RM 77.63 70.25 92.25 Neutral Sell -94 0.51

FIDESSA GROUP 1876.00 1275.00 1970.00 Neutral Buy 2158 0.73

SAGE GROUP 340.00 247.70 343.20 Neutral Buy 430 0.73

Speciality & Other Finance Over Valued


ABERDEEN ASSET MAN. 429.90 237.30 441.90 Neutral Sell 163 1.09

BREWIN DOLPHIN 199.20 136.30 222.00 Neutral Sell 119 0.70

CAMELLIA 10488.50 9250.00 11105.00 Neutral Sell 9611 0.83

CHARLES STANLEY GROUP 356.50 247.50 356.50 Neutral Sell 166 0.97

CHARLES TAYLOR 172.50 128.50 189.75 Neutral Sell 96 0.68

CLOSE BROTHERS GROUP 1044.00 673.50 1051.00 Neutral Sell 157 0.91

F&C ASSET MANAGEMENT 102.70 64.75 110.00 Neutral Neutral 99 0.89

HELPHIRE GROUP 3.30 0.55 3.30 Sell Strong Buy 38 0.70

HENDERSON GROUP 158.80 90.55 169.00 Neutral Sell 47 1.45

ICAP 333.00 281.40 431.50 Neutral Sell 190 1.08

INTERMEDIATE CAPITAL GP. 390.90 227.30 391.10 Neutral Sell 194 1.68

INVESTEC 479.40 310.40 497.10 Neutral Sell 74 1.56

LONDON STOCK EX.GROUP 1334.00 880.00 1343.00 Neutral Strong Buy 3801 1.15MAN GROUP 100.30 63.25 152.50 Neutral Sell 90 1.32

RATHBONE BROTHERS 1409.00 1151.00 1472.00 Neutral Sell 1102 0.74

SCHRODERS 1992.00 1166.00 2044.00 Neutral Sell 1232 1.32

SCHRODERS NV 1607.00 966.00 1630.00 Neutral Strong Buy 4130 1.28


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Support Services Over Valued


ACAL 217.50 157.75 219.50 Neutral Buy 295 0.91

AGGREKO 1696.00 1557.00 2400.00 Neutral Sell 1222 1.02

AMEC 1044.00 923.00 1172.00 Neutral Neutral 1034 1.03

ASHTEAD GROUP 515.00 212.20 515.00 Sell Sell 297 1.61

BABCOCK INTL. 1073.00 734.50 1073.00 Neutral Sell 633 0.47

BRITISH POLYTHENE INDS. 452.50 317.00 455.00 Neutral Strong Buy 769 0.76

BUNZL 1261.00 946.00 1261.00 Neutral Sell 789 0.53

UK MAIL GROUP 368.50 214.00 378.50 Neutral Buy 428 0.37

CAPITA 823.50 602.00 852.00 Neutral Sell 493 0.50

COMMUNISIS 50.00 25.34 51.25 Neutral Buy 68 0.77

COMPASS GROUP 800.50 616.00 809.50 Neutral Sell 580 0.73

BERENDSEN 682.50 462.00 682.50 Sell Buy 923 1.04

DE LA RUE 927.00 885.50 1075.00 Neutral Sell 571 #NA

DIGNITY 1269.00 803.50 1269.00 Neutral Sell 751 0.21

DIPLOMA 612.50 385.00 620.00 Neutral Sell 462 0.95ELECTROCOMP. 257.30 195.20 263.00 Neutral Buy 305 1.04

FILTRONA 638.50 428.00 638.50 Neutral Sell 337 1.09

G4S 290.10 240.00 294.40 Neutral Neutral 276 0.58

HAYS 98.15 66.40 98.15 Neutral Buy 116 1.09

HOMESERVE 236.50 137.50 255.70 Neutral Strong Buy 462 0.91

INTERSERVE 493.70 270.10 493.70 Neutral Buy 666 1.26

INTERTEK GROUP 3339.00 2262.00 3396.00 Neutral Sell 1376 0.77

JOHNSON SERVICE GROUP 40.75 26.50 42.00 Neutral Strong Buy 89 1.16

MANAGEMENT CNSL.GP. 27.50 21.25 39.50 Neutral Strong Buy 52 0.69

MENZIES (JOHN) 750.00 542.00 755.00 Neutral Strong Buy 1264 1.42

MICHAEL PAGE INTL. 429.30 341.40 497.00 Neutral Sell 307 1.40

MITIE GROUP 286.90 253.90 300.80 Neutral Buy 327 0.54

OFFICE2OFFICE 100.00 91.50 163.75 Neutral Strong Buy 229 0.33

PAYPOINT 882.00 573.50 901.00 Neutral Sell 661 0.69

PREMIER FARNELL 220.00 153.20 228.80 Neutral Buy 270 1.31

REGUS 133.40 82.65 135.00 Neutral Sell 103 1.42

RENTOKIL INITIAL 92.55 69.40 97.95 Neutral Sell 52 1.27

REXAM 514.50 394.28 514.50 Neutral Buy 584 0.90

RICARDO 395.00 304.50 412.00 Neutral Buy 449 0.84

ROBERT WALTERS 212.50 176.25 264.63 Neutral Buy 298 1.19

RPC GROUP 440.00 348.30 447.00 Neutral Buy 510 0.76

RPS GROUP 243.80 197.00 256.60 Neutral Neutral 235 1.48

SERCO GROUP 570.50 509.50 602.00 Neutral Neutral 552 0.59

SHANKS GROUP 82.50 75.80 107.00 Neutral Strong Buy 159 1.44

SPEEDY HIRE 41.75 22.25 44.75 Neutral Buy 49 1.24TRIBAL GROUP 118.50 70.00 129.00 Neutral Sell 48 0.53

TRIFAST 58.25 39.50 59.00 Neutral Neutral 58 0.92

VP 338.25 234.75 354.88 Neutral Strong Buy 588 0.85

WYG 73.00 42.00 75.00 Sell Strong Buy 175 0.78


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Telecommunication Services Over Valued


BT GROUP 267.70 200.70 281.00 Neutral Neutral 284 0.92

CABLE & WIRELESS COMMS. 42.08 27.28 42.63 Neutral Strong Buy 74 0.68

INMARSAT 651.50 390.80 667.00 Neutral Sell 543 0.52

KCOM GROUP 76.45 67.00 85.20 Neutral Strong Buy 115 1.24

TELECOM PLUS 995.00 612.00 1010.00 Neutral Sell 644 0.10

VODAFONE GROUP 165.55 154.45 191.25 Neutral Sell 145 0.55

Transport Under Valued


BBA AVIATION 255.30 178.00 255.30 Sell Sell 182 1.29

BRAEMAR SHIPPING SVS. 385.13 309.50 425.00 Neutral Neutral 421 0.97

CLARKSON 1487.00 1150.00 1487.00 Neutral Sell 1396 0.80

EASYJET 997.00 431.70 1015.00 Neutral Sell 615 0.75

FIRST GROUP 193.60 175.70 297.00 Neutral Strong Buy 497 0.92

FISHER(JAMES)& SONS 875.00 535.00 933.00 Neutral Sell 356 0.75

GO-AHEAD GROUP 1425.00 1086.00 1425.00 Neutral Buy 1671 0.91

NATIONAL EXPRESS 220.00 164.50 252.00 Neutral Neutral 226 1.33

NORTHGATE 333.00 159.60 336.00 Neutral Strong Buy 568 1.40

STAGECOACH GROUP 297.50 230.40 319.60 Neutral Buy 335 0.90

WINCANTON 60.00 31.00 83.00 Sell Sell -37 0.90

Utilities Under Valued


CENTRICA 352.10 304.80 354.00 Neutral Buy 477 0.47

NATIONAL GRID 729.50 626.00 729.50 Neutral Buy 828 0.50

PENNON GROUP 655.00 598.00 796.00 Neutral Buy 770 0.59

SSE 1446.00 1290.00 1466.00 Neutral Buy 1729 0.43

SEVERN TRENT 1619.00 1507.00 1796.00 Neutral Sell 1492 0.35

UNITED UTILITIES GROUP 737.00 594.00 747.50 Neutral Sell 663 0.51


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